Major banks: forecasts for EUR ahead of the ECB

Analysts of the major banks have different stake on what decision the European Central Bank will make at today’s meeting. The ECB minimum bid rate will be announced at 11:45 GMT. Mario Draghi’s press conference will start at 12:30 GMT.

Citi: Short on the euro. The currency will make an abrupt move and then calm down. The market doesn’t expect much from the ECB, so any move lower in EUR can be enough to break ranges.

IGN: The euro has potential to decline to 1.0850 versus the US dollar in the near term. Resistance is at 1.1050/80.

BNPP: The market doesn’t expect much from the ECB. The central bank’s comments will be dovish, so the euro is unlikely to strengthen even if the ECB’s policy remains unchanged.

Bank of America Merrill Lynch: There’s a slight downside risk for the euro, although a big move is not expected.

UBS: The market is expecting dovish comments from the ECB, so the risks are for the euro’s increase after the central bank’s decision.

Scotiabank: Although the ECB won’t change policy at this meeting, it could signal a policy easing in September and this should hurt the euro.